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Card Brands Delay Interchange Updates and other Digital Transactions News briefs from 3/16/21
Responding to pressure from Sen. Dick Durbin, D-Ill., and other critics, Visa Inc. and Mastercard Inc. are delaying planned adjustments to their credit card interchange rates until April next year, Bloomberg News reported. The rate adjustments had been set for next month and involved an estimated net $889 million in increased fee income for …
Read More »Durbin Attacks Credit Interchange; Lightspeed Snaps up Vend; Plus Weekly Recap
The Coming Interchange Impact; OLB Eases Social Media Shopping; ACI’s Cash Deal with the IRS
Interchange Adjustments Will Add a Net $889 Million to Merchants’ Costs, an Analysis Says
With the two big payment networks set to raise by hundreds of millions of dollars the cost U.S. merchants pay for card acceptance, e-commerce merchants could see fee boosts while some segments—like travel-and-entertainment and low-ticket-value, quick-service merchants—could see some reductions. In total, rate tweaks scheduled by Visa Inc. and Mastercard …
Read More »Intuit Sues Mastercard, Visa Over Interchange; Green Dot’s Bank Soars; NMI Acquires USAePay
With a Federal Lawsuit, Intuit Challenges the Card Networks’ Interchange Regime
Lawsuits brought by merchants against Visa Inc. and Mastercard Inc. have become almost routine for the two network giants, but now they face an unusual action—a suit from Intuit Inc., which is not only a card-accepting merchant but also an independent sales organization and payment facilitator. Filed Feb. 19 in …
Read More »Will a U.K. Class Action Case Influence Interchange Policy in the United States?
A class of 46 million consumers in the United Kingdom cleared a major hurdle last week when the country’s Supreme Court ruled that a class-action suit brought against Mastercard Inc. for excessive interchange fees can proceed. But they still face a major challenge proving that consumers were materially harmed by …
Read More »Wirecard’s U.S. Unit Seeks a New Owner; Interchange Regulation’s Impact; Wix Payments Unveiled
European Commission Report Details Wealth Redistribution From Interchange Regulation
A new European Commission report shows how interchange regulation has lowered merchants’ payment card acceptance costs and taken more than $3 billion a year from card issuers’ top lines. The EC, the executive arm of the Brussels-based European Union, implemented its so-called Interchange Fee Regulation in 2015 and 2016. The …
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